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2009 (3) TMI 915 - HC - VAT and Sales TaxExtract: .......sessed on the final assessment by more than 75 percent , the penalty imposable shall be 150 percent . In this case also, the difference between the tax assessed and the tax paid falls short of 75 percent and as such, the imposition of penalty at 150 percent is the statutory requirement. Hence, the appeal is dismissed, as devoid of merits. No costs.
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